Resignation of Bharat Fin CEO, CFO under board consideration: IndusInd

The private bank, however, said the board of BFIL had deferred consideration of the decision to relieve him from services till completion of an ongoing review.

IndusInd Bank also informed the exchanges about the resignation of Ashish Damani, executive director and chief financial officer at BFIL.
IndusInd Bank also informed the exchanges about the resignation of Ashish Damani, executive director and chief financial officer at BFIL.

IndusInd Bank on Monday said managing director (MD) and chief executive officer (CEO) of its wholly owned subsidiary Bharat Financial Inclusion (BFIL) Shalabh Saxena resigned on November 25. The private bank, however, said the board of BFIL had deferred consideration of the decision to relieve him from services till completion of an ongoing review. IndusInd Bank also informed the exchanges about the resignation of Ashish Damani, executive director and chief financial officer at BFIL.

“Both the employees have offered their assistance in the ongoing review of transactions related to BFIL, for which the bank has appointed a renowned international audit firm to conduct independent review and ascertain veracity of the anonymous complaints,” the notice said.

Meanwhile, IndusInd Bank has nominated J Sridharan as the executive director on the board of BFIL and appointed Srinivas Bonam to oversee the day-to-day functioning of BFIL. MR Rao will continue to act as an advisor to BFIL, according to the notice. The lender has also appointed KV Rao as an advisor for strengthening the field process.

The boards of Spandana Sphoorty and IndusInd Bank have been engaged in a tussle in recent weeks over appointment of key managerial personnel. While Spandana Sphoorty had issued a press release on November 22 naming Saxena its new chief and Damani as the president and CFO of the company, IndusInd Bank issued a clarification the following day saying both Saxena and Damani were yet to resign from BFIL.

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